Happy times are here again.
From the AP’s Stephen Bernard:
— A new study by a compensation consultant says big bonuses are returning for some top executives and traders on Wall Street as the investment banking industry recovered this year.
Johnson Associates said Thursday employees at companies no longer under strict government oversight are likely to find a big boost in their year-end paychecks compared with 2008.
It projects workers at Wall Street banks will see between a 30 per cent and 40 per cent jump in year-end bonuses.
But the compensation consulting firm says pay is still likely to fall below that seen in 2007, however.
Banking bonuses have become a hot-button political issue as financial markets have recovered much faster than the broader economy and the nation’s unemployment rate approaches 10 per cent.